I can't see paying $500, just too high. I would probably stick with the Switch and wait for a price cut. $500 would be a mistake, IMHO. It is outside the comfort zone for most. Frankly I disagree with the OP. I don't see anything about $400 and I predict the ps5 will be $350.
OT: Like Matt, I'll decide when I see if it warrants the price. I'd happily pay a bit more to have locked 60 fps but I hope they manage to keep it at $499. I think $549 or $599 would scare away a lot of potential customers which could affect the diversity of its game library negatively.